Live in Times Square, this is Good Morning America.

We're going to begin with President Trump's new tariff threat.

He sparked fears over the economy as he declined to rule out the possibility of a recession.

We'll get the latest from the markets. Senior political correspondent, Rachel Scott, starts us off from the White House.

Good morning, Rachel.

George, good morning to you and the president has insisted that Americans will be better off

in the long run because of these tariffs. But he's also acknowledged there will be some economic

pain. And when asked directly if it could lead to a recession, he declined to rule it out.

This morning after a week of shaky markets and tariff whiplash, President Trump is hesitant to rule out a recession in 2025.

I hate to predict things like that. There is a period of transition because what we're doing is very big. We're bringing wealth back to America.

But just days ago, the markets tumbled when Trump imposed a 25% tariff on goods from Canada and Mexico.

The president quickly reversed in course.

Now Trump says he's planning for even more.

A 25% tariff on all foreign steel and aluminum will take effect on Wednesday.

And vowing to impose what he calls reciprocal tariffs on countries too.

April 2nd, it becomes all reciprocal. What they charge us, we charge them.

This morning, China's 10 to 15% retaliatory tariffs on U.S. goods, including chicken,

wheat, soybeans, and beef, now taking effect. Many economists warn the impact of tariffs

will be passed down to consumers in the form of higher prices.

But the President defending them.

Well, I think the tariffs are going to be the greatest thing we've ever done as a country.

It's going to make our country rich again.

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